Funding arb · Price arb /

XRP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.005%

Price spread now: Katana Perps against Derive−0.063%7-day average −0.021% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.349%+$35 · spread now −0.063%, 7d avg −0.021%

Together, before fees+0.319%+$32 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.042% cheaper against Derive than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive XRP-PERP	1.5464	0.0100	pay 0.0013% / 1h	20m 32s	$833K	$70K	10x
Short	Katana Perps XRP-USD	1.5454	0.0101	get 0.0101% / 8h	2h 20m	$12K	$235K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee Katana PerpsbpOrdersPrice spread, now −0.063%Rate

Funding earned: $0.24
Price spread: −0.063% → −0.021%: −$4.23
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$13.79
Costs to cover: 0.098%
Break-even: 417.4 days

Slippage unknown: Derive: no order-book sample; Katana Perps: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Derive no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

Derive and Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XRP on 51 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff XRP-PERP	−0.0080%	1h	1.5456	−0.050%	$7K	$2K	20x	as long as short
dYdX XRP-USD	0.0000%	1h	1.5440	−0.157%	$1.1M	$101K	10x	as long as short
Phoenix XRP	0.0000%	1h	1.5320	−0.930%	$68K	$89K	15x	as long as short
gTrade (Gains Network) XRP/USD	L +0.0003% / S −0.0004%	1h	1.5454	−0.061%	$259K	—	150x	as long as short
Injective XRP/USDC PERP	+0.0040%	1h	1.5290	−1.124%	$2K	$86K	30x	as long as short
Orderly PERP_XRP_USDC	+0.0046%	8h	1.5462	−0.012%	$59K	$916K	50x	as long as short
GMX XRP/USD [ETH-USDC]	L +0.0073% / S +0.0183%	1h	1.5454	−0.065%	$908K	—	200x	as long as short
Deribit XRP_USDC-PERPETUAL	+0.0073%	1h	1.5464	+0.001%	$9.4M	$24.6M	50x	as long as short
Lighter XRP	+0.0096%	1h	1.5443	−0.137%	$3.0M	$11.4M	20x	as long as short
Lighter RH XRP	+0.0096%	1h	1.5448	−0.102%	$448K	$3.1M	20x	as long as short

Show all 51 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XRP-PERP	+0.0100%	1h	1.5433	−0.196%	$1.1M	$5.2M	20x	as long as short
Aster XRPUSDT	+0.0100%	8h	1.5448	−0.102%	$39.2M	$72.5M	100x	as long as short
Pacifica XRP	+0.0100%	1h	1.5447	−0.109%	$672K	$1.1M	20x	as long as short
Binance XRPUSDT	+0.0100%	8h	1.5451	−0.085%	$554.2M	$1.85B	100x	as long as short
Bybit XRPUSDT	+0.0100%	8h	1.5446	−0.115%	$346.5M	$843.2M	100x	as long as short
OKX XRP-USDT-SWAP	+0.0100%	8h	1.5441	−0.148%	$125.0M	$842.7M	100x	as long as short
Ondo Perps XRP-USD.P	+0.0100%	1h	1.5398	−0.426%	$573K	$41K	5x	as long as short
Arcus XRP-USD	+0.0100%	1h	1.5453	−0.070%	$116K	$654K	20x	as long as short
Gate XRP_USDT	+0.0100%	8h	1.5441	−0.148%	$369.2M	$132.1M	100x	as long as short
MEXC XRP_USDT	+0.0100%	8h	1.5443	−0.135%	$290.4M	$811.3M	300x	as long as short
KuCoin XRPUSDTM	+0.0100%	8h	1.5451	−0.083%	$112.7M	$148.6M	75x	as long as short
Bitget XRPUSDT	+0.0100%	8h	1.5444	−0.128%	$266.9M	$343.0M	125x	as long as short
BingX XRP-USDC	+0.0100%	8h	1.5449	−0.096%	—	$3.7M	—	as long as short
Variational Omni XRP	+0.0100%	8h	1.5321	−0.924%	$6.3M	$24.4M	—	as long as short
edgeX XRPUSDC	+0.0100%	4h	1.5357	−0.690%	$667K	$95.8M	30x	as long as short
GRVT XRP_USDT_Perp	+0.0100%	8h	1.5402	−0.400%	$1.1M	$42.0M	20x	as long as short
ApeX Omni XRPUSDT	+0.0100%	1h	1.5381	−0.536%	$1.0M	$864K	50x	as long as short
Vest XRP-PERP	+0.0100%	1h	1.5431	−0.211%	—	$10K	10x	as long as short
Polymarket Perps XRP-USD	+0.0100%	1h	1.5457	−0.044%	$50K	$477K	20x	as long as short
Bullet XRP-USD	+0.0100%	1h	1.5456	−0.050%	$42K	$59K	20x	as long as short
Derive XRP-PERPlong	+0.0100%	1h	1.5464	long leg	$833K	$70K	10x
SunX XRP-USDT	+0.0100%	8h	1.5466	+0.017%	$129K	$1.7M	30x	as long as short
SoDEX XRP-USD	+0.0100%	1h	1.5456	−0.050%	$33K	$1.9M	10x	as long as short
HTX XRP-USDT	+0.0100%	8h	1.5460	−0.026%	$50.9M	$14.7M	75x	as long as short
Phemex XRPUSDT	+0.0100%	8h	1.5452	−0.076%	$55.2M	$28.3M	50x	as long as short
Bulk XRP-USD	+0.0100%	1h	1.5438	−0.169%	$1.7M	$399K	20x	as long as short
Paradex XRP-USD-PERP	+0.0100%	8h	1.5443	−0.132%	$481K	$54K	50x	as long as short
Katana Perps XRP-USDshort	+0.0101%	8h	1.5454	−0.063%	$12K	$235K	20x
Extended XRP-USD	+0.0104%	1h	1.5441	−0.150%	$2.1M	$7.2M	50x	as long as short
Aevo XRP-PERP	+0.0104%	1h	1.5468	+0.026%	$72K	$40K	3x	as long as short
01 Exchange XRPUSD	+0.0144%	1h	1.5463	−0.005%	$8K	$8K	10x	as long as short
Kraken Futures PF_XRPUSD	+0.0168%	1h	1.5454	−0.064%	$15.7M	$64.2M	50x	as long as short
Backpack XRP_USDC_PERP	+0.0176%	1h	1.5471	+0.047%	$1.7M	$938K	25x	as long as short
Coinbase International XRP-PERP-INTX	+0.0192%	1h	1.5463	−0.005%	$5.5M	$44.6M	50x	as long as short
Reya XRPRUSDPERP	+0.0211%	1h	1.5445	−0.122%	$1.4M	$10K	15x	as long as short
BloFin XRP-USDT	+0.0220%	8h	1.5465	+0.008%	$23.8M	$68.1M	125x	as long as short
Kalshi KXXRPPERP	+0.0232%	8h	1.5455	−0.057%	$1.7M	$31.7M	2.9x	as long as short
Hibachi XRP/USDT-P	+0.0248%	1h	1.5361	−0.662%	$19K	$55K	7x	as long as short
RISEx XRP/USDC	+0.0431%	1h	1.5462	−0.015%	$407K	$498K	10x	as long as short
Hyperliquid XRP	+0.0497%	1h	1.5468	+0.027%	$285.1M	$186.8M	20x	as long as short
Aftermath Perps XRPUSD	+0.0525%	1h	1.5339	−0.809%	$1K	$11K	10x	as long as short